Assuming a 360-day year, the interest charged by the bank, at the rate of 12%, on a 90-day, discounted note payable of $88,800 isRound your answer to the nearest whole dollar.O$s10,656O$2,664O$88,800O$5,328

Financial Management: Financial management comprises of two words i.e. Finance and management.…

Assuming a 360-day year, the interest charged by the bank, at the rate of 12%, on a 90-day, discounted note payable of s88,800 is Round your answer to the nearest whole dollar. Os10,656 Os2,664 Os88,800 Os5,328

Assuming a 360-day year, the interest charged by the bank, at the rate of 12%, on a 90-day, discounted note payable of s88,800 is Round your answer to the nearest whole dollar. Os10,656 Os2,664 Os88,800 Os5,328

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 20P

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Question

Assuming a 360-day year, the interest charged by the bank, at the rate of 12%, on a 90-day, discounted note payable of $88,800 is
Round your answer to the nearest whole dollar.
O$s10,656
O$2,664
O$88,800
O$5,328

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